Q3 2024 Concentradora Fibra Hotelera Mexicana SA de CV Earnings Call Transcript
Key Points
- Cibanco S A Institucion De Banca Multiple (DBMXF) reported a record portfolio growth of 7.3% year over year.
- The company achieved a 12.2% increase in Average Daily Rate (ADR), surpassing inflation.
- Limited service and full service hotels showed strong performance with RevPAR growth of 12.6% and 12.1% respectively.
- Mexico City outperformed with a RevPAR growth of 14.6% during the quarter.
- The company announced a new hotel development project with the iconic Ritz Carlton brand, expected to open in late 2027.
- The third quarter results were below expectations due to challenging demand and increased labor costs.
- Overall occupancy decreased by 278 basis points, reflecting weaker room demand.
- The Fiesta Americana Condesa Cancun Hotel experienced a RevPAR decrease of 14% in dollars.
- Margin compression was noted due to rising operating expenses, particularly labor costs.
- The company faced headwinds from hurricanes and a decrease in flight arrivals impacting results in Cancun.
Good morning. My name is Antonio Cárdenas, and I will be the conference operator today. At this time. I would like to welcome everyone to FibraHotel's 2024 third-quarter earnings conference call. FibraHotel issued its quarterly report on Wednesday. If you did not receive a copy via email, you can find it at www.fibrahotel.com, or email me at [email protected].
Before we begin the call today, I would like to remind you that forward-looking statements made during today's conference call do not account for future economic circumstances, industry conditions, company performance, and financial results.
Unless noted, all figures included herein were prepared in accordance with international financial reporting standards and are stated in nominal Mexican pesos.
Joining us from FibraHotel are Mr. Simón Galante, CEO; Mr. Eduardo López, General Manager; Mr. Edouard Boudrant, CFO; and Mr. Guillermo Bravo, CIO.
With that, I will turn the call over to Simón Galante.
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